Spot prices are at record levels of €1,800-2,000/tonne ($2,571-2,857/tonne) for liquid and flake. Liquid spot prices have been at historic highs for 10 weeks, and solid spot prices for six weeks. At the time, the spot price increases were attributed to the Sasol-Huntsman force majeure.

There has been no subsequent reduction in prices, however, as the supply chain remains understocked. There are also suggestions of production problems at another European producer, which is helping to keep supply limited, but this could not be confirmed at source.

Strong demand is because of buying interest in the downstream unsaturated polyester resin (UPR) sector. The second quarter is traditionally the peak-season for UPR demand and 2011 is following normal trading patterns, according to sources.